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Reinsurance Security Agreement

Reinsurance Security Agreement Template for Belgium

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Key Requirements PROMPT example:

Reinsurance Security Agreement

"I need a Reinsurance Security Agreement under Belgian law for a multinational reinsurer providing collateral to a Belgian cedent, with the arrangement to commence from March 1, 2025, involving a third-party security trustee and covering multiple reinsurance treaties."

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Document background
The Reinsurance Security Agreement is a crucial document used when a cedent requires collateral security from a reinsurer to secure the reinsurer's obligations under one or more reinsurance agreements. This document becomes particularly important in the Belgian market, where specific financial services regulations and EU directives must be considered. The agreement typically includes detailed provisions about the type and amount of eligible collateral, valuation methods, maintenance requirements, and the rights and obligations of all parties involved. It is essential for managing counterparty risk in reinsurance relationships and ensuring compliance with regulatory requirements. The document must conform to Belgian law, particularly the Belgian Insurance Law of 2014 and relevant financial collateral regulations, while also considering broader EU regulatory frameworks such as Solvency II.
Suggested Sections

1. Parties: Identification of the reinsurer, cedent, and any security trustees or custodians

2. Background: Context of the agreement, reference to underlying reinsurance agreements, and purpose of the security arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including specific Belgian law and regulatory terms

4. Security Interest Grant: Core provisions establishing the security interest over the collateral

5. Collateral Requirements: Specifications for eligible collateral, valuation methods, and required collateral levels

6. Deposit and Withdrawal Procedures: Procedures for depositing and withdrawing collateral

7. Rights and Obligations: Detailed responsibilities of each party regarding the security arrangement

8. Representations and Warranties: Standard and specific representations regarding authority, compliance, and collateral ownership

9. Events of Default: Circumstances constituting default and consequences

10. Enforcement Rights: Rights and procedures following an event of default

11. Notices: Communication requirements and procedures between parties

12. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction provisions

13. General Provisions: Standard boilerplate clauses adapted for Belgian law

Optional Sections

1. Security Trustee Provisions: Required when a security trustee is appointed to hold the collateral

2. Cross-Border Provisions: Required for international arrangements involving multiple jurisdictions

3. Currency Provisions: Required when collateral may be held in multiple currencies

4. Tax Provisions: Required when specific tax implications need to be addressed

5. Regulatory Compliance: Additional section when specific regulatory requirements need detailed treatment

6. Custodian Provisions: Required when a third-party custodian is involved in holding collateral

Suggested Schedules

1. Schedule 1 - Eligible Collateral: Detailed list and specifications of permitted types of collateral

2. Schedule 2 - Valuation Procedures: Detailed methodology for valuing different types of collateral

3. Schedule 3 - Form of Notice: Standard forms for various notices required under the agreement

4. Schedule 4 - Security Account Details: Specifications of the accounts where collateral will be held

5. Schedule 5 - Authorized Representatives: List of authorized persons for each party

6. Appendix A - Underlying Reinsurance Agreements: List and details of the reinsurance agreements covered

7. Appendix B - Reporting Requirements: Templates and procedures for required reporting

8. Appendix C - Operating Procedures: Detailed operational procedures for managing the security arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Authorized Representative
Belgian Financial Collateral Law
Business Day
Cedent
Collateral
Collateral Account
Collateral Maintenance Requirement
Collateral Value
Control Agreement
Custody Agreement
Custodian
Default Notice
Eligible Collateral
Enforcement Event
FSMA
Governing Law
Initial Required Amount
Insolvency Event
Letter of Credit
Minimum Transfer Amount
Notice of Exclusive Control
Obligations
Permitted Investments
Pledge
Posted Collateral
Qualifying Bank
Rating Agency
Required Amount
Reinsurance Agreements
Reinsurer
Security Agent
Security Interest
Security Trustee
Solvency II
Specified Currency
Top-Up Amount
Transfer
Valuation Date
Valuation Percentage
Withdrawal Notice
Clauses
Security Interest
Collateral Requirements
Representations and Warranties
Covenants
Events of Default
Remedies
Indemnification
Confidentiality
Assignment
Notices
Amendment
Waiver
Severability
Force Majeure
Entire Agreement
Counterparts
Further Assurance
Time of Essence
Costs and Expenses
Set-off Rights
Governing Law
Jurisdiction
Dispute Resolution
Regulatory Compliance
Information Rights
Inspection Rights
Termination
Survival
Third Party Rights
Data Protection
Anti-Money Laundering
Sanctions Compliance
Relevant Industries

Insurance

Reinsurance

Financial Services

Banking

Risk Management

Asset Management

Securities Services

Relevant Teams

Legal

Compliance

Risk Management

Treasury

Insurance Operations

Reinsurance Operations

Financial Control

Regulatory Affairs

Underwriting

Security Operations

Relevant Roles

Chief Risk Officer

Reinsurance Manager

Legal Counsel

Compliance Officer

Treasury Manager

Collateral Manager

Security Operations Manager

Insurance Operations Director

Chief Financial Officer

Underwriting Manager

Risk Management Director

Regulatory Affairs Manager

Industries
Belgian Insurance Law of 4 April 2014: The primary legislation governing insurance and reinsurance activities in Belgium, including provisions for reinsurance contracts and security arrangements
Belgian Civil Code (Articles 1101-1369): Fundamental contract law provisions that govern formation, validity, and enforcement of contracts in Belgium
EU Solvency II Directive (2009/138/EC): European framework for insurance and reinsurance regulation, implemented in Belgian law, setting capital requirements and risk management standards
Belgian Financial Collateral Law of 15 December 2004: Legislation governing financial security arrangements and collateral requirements in Belgium
Royal Decree of 22 February 1991: Specific regulations concerning insurance and reinsurance company operations and supervision in Belgium
Belgian Financial Services and Markets Authority (FSMA) Regulations: Regulatory requirements and guidelines for financial services, including reinsurance activities and security arrangements
EU Directive 2002/47/EC on Financial Collateral Arrangements: European framework for financial collateral arrangements, as implemented in Belgian law
Belgian Law on International Private Law: Provisions governing cross-border contracts and international aspects of reinsurance agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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